Boeing suffered its first full-year loss in more than two decades, its latest financial results show.
Fourth quarter results published on Wednesday show that the company lost $636 million in 2019 compared to a $10.46 billion profit in 2018.
Revenues for the final quarter of 2019 were $17.91 billion compared with $28.34 billion during the same period in 2018. Revenue for the full-year in 2019 was $76.6 billion.
Boeing unsurprisingly cited the ongoing 737 Max troubles as the main reason for its poor financial results.
The manufacturer was forced to ground the plane in March 2019 after 737 Max two crashes killed 346 people.
It is estimated that the cost of the Max crisis has topped more than $18 billion so far.
The planemaker’s annual aircraft sales and deliveries have also taken a hit.
David Calhoun, Boeing’s new CEO, said that the company has “a lot of work to do”.
He said: “We are focused on returning the 737 Max to service safely and restoring the long-standing trust that the Boeing brand represents with the flying public.
“We are committed to transparency and excellence in everything we do. Safety will underwrite every decision, every action and every step we take as we move forward.
“Fortunately, the strength of our overall Boeing portfolio of businesses provides the financial liquidity to follow a thorough and disciplined recovery process.”
Boeing said last week that it expects the Max to return to the skies by mid-2020 after the FAA has cleared it for flight. But many in the industry, including the UAE’s chief regulator, is sceptical of the estimate.
The company’s quarterly report also noted that the production rate of the 787 will be cut from 12 planes a month in late 2020 to 10 in early 2021. It will return to 12 787 jets per month in 2023.